MagicPoopCannon

Bullish Fractal Symmetry in Bitcoin! (BTC)

BITFINEX:BTCUSD   比特币/美元
Welcome friends, to this update analysis on BITCOIN! Let's jump right in. Looking at the four hour chart, you can see that BTC             has broken above the bull flag , and is now trading up toward the 61.8% retrace. Slightly above that, is the top of the downtrend channel . I want to draw your attention to the "Inverse H&S + Bull Flag Target." You can see that it rests at about 12,187. Interestingly, you can see that we have a return of clear fractal relationships in the market. We now have two structures (the inverse head and shoulders and the bull flag ) which yield virtually identical upside targets. This is an example of multiple formations ( geometric             shapes) that collectively represent the whole. Does this mean that it's a certainty that the target will be reached? No, it doesn't. There is actually some very significant resistance between the current price action and the target, which is the top of the downtrend channel (in pink.) The target is above the downtrend channel , but it's only a reference that represents a rally equal to 100% of the potential of the bull flag and the inverse head and shoulders pattern. Targets are not set in stone. They are guidelines that show the potential yield of the patterns. The price action along the way, may support or change the targets. That's what technical analysis is all about. It's about watching the markets and moving with them. It's not about setting a target, and then blindly waiting for it to be reached, without any regard for the action along the way. We identify a general target, we form a trading strategy around that target, and we trade it very nimbly while watching the market. Many of the noobs out there don't seem to understand that, and it's only because they truly don't understand analysis and market mechanics.

Looking at the current price action, you can see that BTC             has surpassed the 200 EMA (in purple.) The last time we did that, BTC             ran up to test the top of the downtrend channel . Inevitably, I think we will at least test the top of the channel here. The upside target shows that the formations suggest a move that could surpass the top of the channel, but that is yet to be seen. The market has shown signs of bottoming, but we really need to see BTC             get back above the downtrend channel , to solidify a definite reversal in Bitcoin             . However, since LTC has already greatly surpassed the top of it's channel, I think BTC             will follow. LTC is the leader right now. It broke out of the inverse head and shoulders first, it formed a bull flag first, and it broke out of it's downtrend channel first. BTC             has done everything, but surpass the channel. On the downside, look for the 200 EMA to act as support. You can see that the 50 EMA (in orange) is rising up toward the price action, so that should be supportive as well.

This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-MPC loves you-

-JD-
Hi Poopy,
Nice work on litecoin BTW... Ur LTC calls are truly BOSSS!
What do make of this little flaggy-poo forming btc? It's Like BTC is in love with the the moving average... and wants to break down
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yeappp..still trading below the major downtrend trendline...more fall expected..EW has not complete
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i don’t know how much time will it take, but btc will test that double bottom. in the meantime, i believe some movement could be expected between 12-8k levels. huge profits could be made in this time if you’re willing to take that risk, but i’m not getting back in until this glorious fud fades out. and sadly, the only way to clear this fud is down, not up. so remember that it is not like is was before. new players means new rules. and no regulations means anything can happen.

of course these are personal ideas that will probably come to nothing.

don’t fomo. you are not special, you are just a dot in a candle.

may the force be with you.
+5 回复
FourthFloor boramertcelik
@boramertcelik, I disagree, we've developed too strong of a bull trend through breaking all previous resistances which have historically rejected price hard, and now we are on the stronger support side. Furthermore, the last weekly closed bullish engulfing with barely any lower wick which as historically marked the beginning of every new bull run.
This one will keep running, especially with the support at 9900.
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So called targets are nothing more than personal imaginations, and - in there is no such thing as a 'potential target'. History is deterministic and it doesn't unfold based on 'possibilities'. Effects are caused, and effects always have only one 'possible' result. The problem is just that we don't have all datas that cause the result.
+1 回复
orm2 Zarathustra_III
@Zarathustra_III, I agree 100%
+1 回复
Just broke out of the cutest little inv.H&S right through the 50 and 100 daily EMA .Go bitcoin!!!!!
+6 回复
@Bitrme, that was a solid h&s, looked good, I'm watching/waiting for this retrace to overextend though (down to 9900)
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Ughh. Looks like this reversal bottomed at 10,300 and is headed higher. Was planning to add at 10,100 but never materialized. I will just stick with current position.
+3 回复
FourthFloor Wolfgang34
@Wolfgang34, patience young Patawan.
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